The Securities and Exchange Commission plans to issue a final rule on its advice standards package for broker-dealers and investment advisors by September 2019, according to the agency's regulatory agenda.
The multi-pronged package includes the proposed changes to the agency's Form Customer Relationship Summary, or Form CRS; amendments to Form ADV, along with required disclosures to retail communications and restrictions on the use of certain titles; Regulation Best Interest; and the securities regulator's interpretation regarding standard of conduct rules for investment advisors as well as a request for comment on enhancing advisor regulation.
Ed Mills, policy analyst for Raymond James, said the anticipated finalization of the package "is later than what was expected," adding that final implementation won't likely occur until late 2020 or early 2021.
